scotl47
83 Posts |
 Posted - 05/08/2008 : 3:38:44 PM
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I'll try and keep this short. Dealt with Frank, good guy, full of stories. Quick with quotes after a submission. I tested a portion of the leads and he got a couple hundred in two weeks. At first, quotes were high ... unaffordable payments, little too much equity taken. He said he would try and work with us. But the normal response was to profit share. Translation short sale the house and profit on the sale. Week later, here is the final example. Client owes $200,000. Quote came back at $2500/month for 13 months and a $318,000 buy back price. Crazy. We would have ditched it, but the clients actually said they could afford $1900/month and would take a $275,000 buy back price. Frank said no go, cannot budge. A few hours later Frank called the client, saying he had no idea who we were, and offered $1500/month and $200,000 buy back price.
All I get from this is A) He is high balling so they can short sale the house to make a profit. B) He is high balling so they can contact the client behind out backs and make us look stupid.
All my people build relationships with people to save their home, and work with them through every option till the end. So the sneaky crap did not work.
Is there another sale lease back option, or do I need to continue with emergency modifications and short-refi's to rescue these people?
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